报告要点 丨证券研究报告丨 [TaSummary] 今年以来，受资金风格切换等因素影响，交运板块核心红利资产标的均面临一定程度股价调整， 估值及股息率重回高性价比区间，显著领先十年期国债收益率，对于绝对收益资金吸引力逐步 提升。基于行业特征，我们重点推荐交运板块中具有低估值、高股息特征的垄断性资产，1）买 低波稳健+分红确定：优选高速公路龙头（招商公路以及宁沪高速等），以及大秦铁路与青岛港； 2）短期看，港股市场估值折价明显、股息率更具性价比，建议关注港股向上弹性。 行业研究丨行业周报丨运输 [Table_Title] 当前时点，如何看待交运红利资产配置价值？ 分析师及联系人 [Table_Author] SAC：S0490512020001 SAC：S0490520020001 SAC：S0490519060002 SAC：S0490520080027 SAC：S0490524120001 SFC：BQK468 SFC：BWN875 韩轶超 赵超 鲁斯嘉 张银晗 胡俊文 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_Title2] 当前时点，如 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準 確性或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部份內容而產生 或因倚賴該等內容而引致的任何損失承擔任何責任。 COSCO SHIPPING ENERGY TRANSPORTATION CO., LTD.* （在中華人民共和國註冊成立之股份有限公司） （股份代號：1138） 海外監管公告 国浩律师（上海）事务所 法律意见书 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條之規定而作出。 中遠海運能源運輸股份有限公司（「本公司」）之A股在上海證券交易所上市，以下公告為本 公司根據上海證券交易所之要求於上海證券交易所網站刊發之公告。 承董事會命 中遠海運能源運輸股份有限公司 公司秘書 倪藝丹 中華人民共和國，上海 二零二五年九月二十六日 於本公告刊發日期，董事會由執行董事任永強先生及朱邁進先生，非執行董事汪樹青先 生、王威先生及周崇沂女士，以及獨立非執行董事黃偉德先生、李潤生先生、趙勁松先生 及王祖溫先生所組成。 * 僅供識別 国浩律师（上海）事务所 关于中远海运能源运输股份有限公司 2025 年第二次临 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責， 對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示 概 不 就 因 本 公 告 全 部 或 任 何 部 份 內 容 而 產 生 或 因 倚 賴 該 等 內 容 而 引 致 的 任 何 損 失 承 擔 任 何 責 任。 COSCO SHIPPING ENERGY TRANSPORTATION CO., LTD.* 中遠海運能源運輸股份有限公司 （在中華人民共和國註冊成立之股份有限公司） （股份代號：1138） 特別股東大會投票結果 特別股東大會投票結果 董 事 會 欣 然 宣 佈，特 別 股 東 大 會 通 告 所 載 的 所 有 決 議 案 已 於 特 別 股 東 大 會 上 通 過 投 票 表 決 方 式 獲 正 式 通 過。 茲提述(i)中遠海運能源運輸股份有限公司（「本公司」）日期為二零二五年九月八日 的通函（「通 函」）；及(ii)本公司日期為二零二五年九月八日的特別股東大會通告（「特 別股東大會通告」）。除 另 有 界 定 者 外，本 公 告 所 用 詞 彙 與 通 函 所 界 定 者 具 ...

国浩律师（上海）事务所 法律意见书 国浩律师（上海）事务所 关于中远海运能源运输股份有限公司 致：中远海运能源运输股份有限公司 国浩律师（上海）事务所（以下简称"本所"），接受中远海运能源运输股份 有限公司（以下简称"公司"）的委托，指派本所律师出席公司 2025 年第二次临 时股东大会（以下简称"本次会议"或"本次股东大会"），并根据《中华人民共 和国公司法》（以下简称"《公司法》"）、《中华人民共和国证券法》（以下简称"《证 券法》"）、《上市公司股东会规则》（以下简称"《股东会规则》"）以及《中远海 运能源运输股份有限公司章程》（以下简称"《公司章程》"）的规定出具本法律 意见书。 本所依据本法律意见书出具日之前已经发生或存在的事实及中国（为出具本 法律意见书之目的，本法律意见书中的"中国"仅指中国大陆地区，不包括香港特 别行政区和澳门特别行政区及台湾地区）现行法律、法规及规范性文件发表法律 意见。 本所同意将本法律意见书作为公司本次股东大会公告的法定文件，随公司其 他公告一并提交上海证券交易所审查并予公告。 在本律师意见书中，本所律师仅对本次股东大会的召集和召开程序、出席会 议人员的资格、召集人的资格 ...

证券代码：600026 证券简称：中远海能 公告编号：2025-054 中远海运能源运输股份有限公司 2025年第二次临时股东大会决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 | 出席会议的股东和代理人人数 1. | | 653 | | --- | --- | --- | | 其中：A | 股股东人数 | 652 | | 境外上市外资股股东人数（H | 股） | 1 | | 2. | 出席会议的股东所持有表决权的股份总数（股） | 2,460,047,374 | | 其中：A | 股股东持有股份总数 | 2,334,858,621 | | 境外上市外资股股东持有股份总数（H | 股） | 125,188,753 | | 3. | 出席会议的股东所持有表决权股份数占公司有表决权股 | 51.5649 | | 份总数的比例（%） | | | | 其中：A | 股股东持股占股份总数的比例（%） | 48.9408 | | 境外上市外资股股东持股占股份总 ...

Fleet and Operations - As of June 30, 2025, the company owns and controls a fleet of 157 oil tankers with a total deadweight tonnage of 23.448 million tons, and has 18 oil tankers under construction with a deadweight tonnage of 2.961 million tons[8]. - The company operates in a capital-intensive industry, with significant investments required for shipbuilding, maintenance, and operations, leading to long investment return cycles[4]. - The company’s fleet includes a diverse range of tanker types, ensuring flexibility in meeting various shipping demands across global markets[8]. - The group has invested in the construction of 87 LNG vessels, with 52 vessels already in operation, totaling 8.763 million cubic meters, and 35 vessels under construction, totaling 6.285 million cubic meters[10]. - The group operates 12 LPG vessels with a total capacity of 126,000 cubic meters, including one chartered vessel of 83,000 cubic meters, and has two LPG vessels under construction with a capacity of 15,000 cubic meters[10]. - The chemical transportation segment consists of 8 vessels with a total capacity of 73,000 deadweight tons, and 2 vessels under construction with a capacity of 21,000 deadweight tons[11]. - The company’s operational model includes spot market charters, time charters, and contracts of affreightment (COA), optimizing its service offerings[8]. - The company’s LNG transportation services require high technical standards and safety measures, reflecting the complexity and value of LNG shipping[5]. Market Position and Strategy - The company maintains a leading position in China's oil and gas import transportation market, leveraging its extensive customer resources and strong management capabilities[8]. - The company has established strategic partnerships with major oil companies and independent refineries, enhancing its business development and value creation capabilities[9]. - The company provides comprehensive logistics solutions, including import, transshipment, and export services, helping clients reduce logistics costs[8]. - The group aims to enhance its energy transportation solutions and value-added services by leveraging the resources and brand advantages of its controlling shareholder, China COSCO Shipping Group[11]. - The group is transitioning its main business from maritime energy transportation to energy and chemical logistics supply chain[13]. - The group is actively exploring collaborative development opportunities with outstanding enterprises under its controlling shareholder[11]. - The company plans to enhance its global hub network and improve end-to-end service capabilities, focusing on key trade hubs in the Middle East, Singapore, and Europe[78]. - The company aims to strengthen its core business effectiveness by expanding routes in the Mediterranean and Canada, and optimizing fleet structure for oil tanker transportation[78]. Financial Performance - The group’s main business revenue for the first half of 2025 was RMB 11.57 billion, a decrease of 2.5% year-on-year, while the main business cost increased by 10.9% to RMB 8.91 billion[27]. - The gross profit margin decreased by 9.3 percentage points year-on-year to 23.0%[27]. - In the first half of 2025, the group's transportation volume (excluding time charter) increased by 13.1% year-on-year to 94.48 million tons, while the turnover volume (excluding time charter) rose by 18.8% to 342.7 billion ton-miles[27]. - LNG transportation revenue increased by 29.8% year-on-year to RMB 1.244 billion, with a gross profit margin of 49.6%[28]. - LPG transportation revenue rose by 26.5% year-on-year to RMB 140.32 million, with a gross profit margin of 21.0%[28]. - The international transportation segment generated RMB 8.683 billion in revenue, accounting for 75.0% of total revenue, with a gross profit margin of 22.6%[30]. - The group reported a profit of RMB 1,894,278 thousand for the six months ended June 30, 2025, compared to a profit of RMB 2,667,653 thousand for the same period in 2024, reflecting a decrease of about 29.0%[144]. - The total comprehensive income for the period amounted to RMB 1,963,148 thousand, down from RMB 2,859,619 thousand in the previous year, indicating a decline of approximately 31.3%[145]. Debt and Cash Flow - As of June 30, 2025, the total debt was RMB 37,451,179,000, an increase from RMB 36,165,624,000 as of December 31, 2024[51]. - The net debt to equity ratio decreased to 75% as of June 30, 2025, down from 78% at the end of 2024, primarily due to an increase in cash and cash equivalents[51]. - Cash and cash equivalents increased by RMB 1,993,855,000, representing a growth of 35.22% compared to the end of 2024[51]. - The net cash generated from operating activities for the reporting period was approximately RMB 3,079,612,000, a decrease of about 17% compared to RMB 3,692,453,000 for the six months ended June 30, 2024[47]. - The total amount of accounts payable increased to RMB 2,189,940,000 as of June 30, 2025, from RMB 1,977,008,000 at the end of 2024[56]. - The total amount of bank and other interest-bearing loans was RMB 34,038,799,000 as of June 30, 2025, down from RMB 32,522,732,000 at the end of 2024[60]. - The company’s cash flow management strategies have resulted in a significant increase in cash and cash equivalents, reflecting a stronger liquidity position[149]. Shareholder and Governance - China Shipping Group holds 1,536,924,595 shares, representing 44.23% of the company's issued share capital[84]. - COSCO Shipping holds 2,216,072,354 shares, accounting for 63.78% of the company's shares[84]. - The total issued share capital of the company as of June 30, 2025, is 4,770,776,395 shares, with 1,296,000,000 shares being H shares and 3,474,776,395 shares being A shares[85]. - The company has established five specialized committees within the board, including the Audit Committee and the Compensation and Assessment Committee, to enhance governance[109]. - The company is committed to enhancing shareholder value through adherence to corporate governance principles[108]. - The company has proposed to issue up to 1,431,232,918 A-shares to no more than 35 specific investors, pending approval from the China Securities Regulatory Commission[123]. Future Outlook - The outlook for the second half of 2025 indicates a differentiated supply-demand landscape in the oil tanker market, with VLCCs benefiting from fewer new deliveries[70]. - The IEA has downgraded the global oil demand growth forecast for 2025, with China's demand growth slowing and India becoming the main driver of demand growth[70]. - Global LNG supply is projected to grow, with new production lines from U.S. LNG projects expected to come online by the end of 2025, adding 37 million tons per year to liquefaction capacity, the largest increase in recent years[75]. - The international LPG transportation market is expected to see a 1.4% year-on-year increase in trade volume, reaching 174.5 million tons, with India contributing a 10-15% growth in LPG imports[76]. - Domestic LPG production is anticipated to grow by 2.6% in 2025, driven by increased refinery operating rates and new installations[76].

Market Performance - The shipping and port sector increased by 0.67% on September 24, with Nanjing Port leading the gains [1] - The Shanghai Composite Index closed at 3853.64, up 0.83%, while the Shenzhen Component Index closed at 13356.14, up 1.8% [1] Individual Stock Performance - Nanjing Port (002040) saw a significant rise of 10.01%, closing at 11.98 with a trading volume of 437,200 shares and a turnover of 506 million yuan [1] - Other notable performers included: - China Merchants Heavy Industry (601872) up 2.87% to 8.96 with a turnover of 934 million yuan [1] - HNA Technology (600751) up 1.94% to 4.74 with a turnover of 238 million yuan [1] - COSCO Shipping Energy (600026) up 1.49% to 12.27 with a turnover of 654 million yuan [1] Declining Stocks - Ningbo Port (601018) decreased by 2.36% to 3.73 with a trading volume of 2,439,400 shares and a turnover of 909 million yuan [2] - Other declining stocks included: - Ningbo Ocean Shipping (601022) down 2.24% to 10.91 [2] - COSCO Shipping Specialized (600428) down 1.05% to 6.62 [2] Capital Flow Analysis - The shipping and port sector experienced a net outflow of 187 million yuan from main funds, while retail investors saw a net inflow of 105 million yuan [2] - Notable capital flows included: - China Merchants Heavy Industry (601872) had a main fund net inflow of 11.3 million yuan [3] - Nanjing Port (002040) saw a main fund net inflow of 31.56 million yuan [3] - COSCO Shipping Energy (600026) had a main fund net inflow of 39.95 million yuan [3]

Core Viewpoint - Recently, the tanker freight rates have experienced a significant increase, positively impacting the earnings of global tanker owners, including China Merchants Energy Shipping Company (中远海能) [1] Company Summary - China Merchants Energy's stock opened over 3% higher, with a current price of HKD 9.34 and a trading volume of HKD 4.0722 million [1] - During the 2025 semi-annual earnings presentation on September 22, the company reported that most of its VLCC fleet is currently in spot operations [1] Industry Summary - The VLCC TCE (Time Charter Equivalent) reached USD 96,000 per day on September 16, 2025, maintaining a high level in the following days [1] - This freight rate level marks the best September performance for VLCC rates since 1990, with the previous peak in September 2004 also at USD 96,000 per day [1]

每经AI快讯，9月24日，港股中远海能(01138.HK)高开逾3%，截至发稿，涨3.09%，报9.34港元，成交 额407.22万港元。 ...

Group 1 - Zhongyuan Shipping (01138) opened over 3% higher, currently up 3.09% at HKD 9.34, with a trading volume of HKD 4.0722 million [1] - On September 22, Zhongyuan Shipping indicated a significant increase in tanker freight rates, positively impacting the fleet earnings of global tanker owners [1] - The company's VLCC fleet is mostly in spot operation, benefiting from the current market conditions [1] Group 2 - JPMorgan considers Zhongyuan Shipping as China's largest tanker operator and a global leader in crude oil, refined oil, and LNG transportation [1] - The company operates a diversified fleet under China COSCO Group, providing downside protection in a volatile freight market due to its scale, newer vessel age structure, and increasing LNG business [1] - Huayuan Securities reported that VLCC TD3C TCE reached USD 96,000 per day on September 16, 2025, maintaining high levels thereafter, marking the best September VLCC freight rates since 1990 [1] Group 3 - The upcoming week is the last full working week before China's National Day holiday, with a concentration of Middle East cargoes expected for October shipments [1] - The available VLCC capacity in the next 30 days is projected to reach the lowest level in the past year, suggesting potential further increases in VLCC freight rates, possibly surpassing the September high since 1990 [1]